Golden Peaks Resources Ltd. Announces $585,000 Financing



    VANCOUVER, Jan. 7 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the
"Company") is pleased to announce that it has agreed to conduct a non-brokered
private placement (the "Private Placement") of up to 3,900,000 units (each a
"Unit") at a purchase price of $0.15 per Unit to raise aggregate gross
proceeds to the Company of up to $585,000. Each Unit will consist of one
common share of the Company and one transferable common share purchase warrant
(a "Warrant"). Each Warrant will entitle the holder to purchase one additional
common share of the Company at an exercise price of $0.20 per share until 12
months after the date of closing of the Private Placement.
    Proceeds from the Private Placement will be used for general working
capital purposes.
    All securities issued in connection with the Private Placement will be
subject to a minimum four month hold period. The Private Placement is subject
to the approval of the Toronto Stock Exchange.

    The statements herein that are not historical facts are forward-looking
statements. These statements address future events and conditions and so
involve inherent risks and uncertainties, as disclosed under the heading "Risk
Factors" in the Company's periodic filings with Canadian securities
regulators. Actual results could differ from those currently projected. The
Company does not assume the obligation to update any forward-looking
statement.





For further information:

For further information: Media Information, contact: Scott Emerson,
Chairman and Director, SE@goldenpeaks.com; Investor Information, contact: Mike
Kordysz, Investor Communications, MK@goldenpeaks.com

Organization Profile

GOLDEN PEAKS RESOURCES LTD.

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